June 20, 2008

Operation Malicious Mortgage: Now In The Bay Area (But Yet To Act)

While "Operation Malicious Mortgage" has nabbed over 400 individuals over the past three months, none of the mortgage-fraud related arrests have occured in the Bay Area. Then again, it has only been a month since the U.S. attorney's office established their Bay Area mortgage fraud task force.

From Joseph Russoniello, the U.S. attorney for the Northern District of California: "We have dozens of matters under investigation" [ranging from individual instances of fraud to broader schemes involving brokers, appraisers and lenders].

2 former Bear Stearns execs indicted, arrested [SFGate]

First Published: June 20, 2008 7:45 AM

Comments from "Plugged In" Readers

Now when is Chris Dodd going to get arrested for his $75k kickback as part of the Friends of Angelo Mozillo program. (See yesterday's Journal editorial page)

With any luck these revelations may prevent the nationalization of countrywide's bad debt. (Which is what Dodd's bill proposed)

Posted by: Jay at June 20, 2008 9:22 AM

$75K kick back doesn't move the Rickter Scale like a few Billion dollars.

Posted by: Michael L. at June 20, 2008 10:54 AM

That's the beauty of our governmental system. You give someone who makes $169k a $75k kickback and he gives you a few hundred billion.

Democracy at it's finest!

Posted by: Jay at June 20, 2008 1:27 PM

Let me know when Alan "buy ARMs at the bottom" Greenspan is indicted.

Posted by: Delancey at June 20, 2008 3:04 PM

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